Financial District Neighborhood Profile

Neighborhood Indicators

Demographics

Indicator	2000	2006	2010	2019	2021
Population
Born in New York State info		38.8%	34.7%	37.2%	38.5%
Disabled population info			3.1%	2.9%	3.1%
Foreign-born population info	23.3%	25.9%	23.1%	22.6%	22.7%
Population info	125,567	147,198	144,944	164,514	146,667
Population aged 65+ info	10.5%	9.8%	11.2%	13.5%	17.6%
Households
Households with children under 18 years old info	11.4%	13.9%	12.7%	15.3%	12.9%
Single-person households info		51.4%	49.4%	48.0%	51.0%
Race and Ethnicity
Percent Asian info	14.5%	19.2%	14.6%	13.8%	16.6%
Percent Black info	3.1%	2.7%	2.4%	3.4%	4.6%
Percent Hispanic info	5.9%	4.9%	5.6%	11.4%	8.4%
Percent white info	73.6%	71.5%	73.2%	68.4%	66.4%
Racial diversity index info	0.43	0.45	0.44	0.50	0.52
Income and Poverty
Income diversity ratio info		6.7	6.0	5.0	6.5
Median household income (2022$) info	$121,250	$133,320	$131,490	$180,730	$151,240
Median household income, homeowners (2022$) info		$213,370	$198,610	$251,930	$161,690
Median household income, renters (2022$) info		$110,760	$118,740	$152,170	$140,300
Poverty rate info	9.9%	11.9%	9.9%	6.1%	7.8%
Poverty rate, population aged 65+ info		23.4%	8.7%	8.7%	13.3%
Poverty rate, population under 18 years old info		15.3%	7.5%	3.8%	3.6%
Labor Market
Labor force participation rate info		75.5%	77.6%	76.6%	74.6%
Population aged 25+ without a high school diploma info		7.5%	5.2%	2.9%	2.4%
Unemployment rate info	5.78%	4.77%	6.08%	4.32%	5.41%

Housing Market and Conditions

Indicator	2000	2006	2010	2019	2021	2022
Housing Stock
Homeownership rate info	25.9%	29.8%	25.3%	31.6%	34.6%
Housing units info		81,238	89,353	95,498	97,721
Rental vacancy rate info			5.0%	4.7%	5.6%
Serious housing code violations (per 1,000 privately owned rental units)		1.8	1.5	4.9	2.8	8.3
Severe crowding rate (% of renter households) info			3.2%	4.1%	3.1%
Total housing code violations (per 1,000 privately owned rental units)		11.9	12.9	15.2	30.6	40.8
Finance - Distress
Notices of foreclosure rate (per 1,000 1-4 family and condo properties)	2.9	1.1	5.5	1.5	9.6	1.4
Notices of foreclosure, all residential properties	10	8	70	22	138	21
Notices of foreclosure, initial, 1-4 family and condo properties	8	5	49	12	124	10
Notices of foreclosure, repeat, 1-4 family and condo properties	2	3	14	9	13	10
Pre-foreclosure notice rate (per 1,000 1-4 family and condo properties)				9.8	5.4	9.7
Pre-foreclosure notices, 1-4 family and condo properties				134	80	143
Properties entering REO, 1-4 family	0	0	0
Finance - Lending
FHA/VA-backed home purchase loans (% of home purchase loans)		0.0%	0.3%	0.0%	0.0%
Higher-cost home purchase loans (% of home purchase loans)		1.8%	1.2%	0.5%	0.6%
Higher-cost refinance loans (% of refinance loans)		6.0%	0.5%	0.9%	0.3%
Home purchase loan rate (per 1,000 properties)		50.1	23.9	23.5	39.7
Home purchase loans in LMI tracts (% of home purchase loans)		3.4%	0.3%	1.0%	1.5%
Home purchase loans to LMI borrowers (% of home purchase loans)		1.3%	0.8%	0.6%	0.4%
Refinance loan rate (per 1,000 properties)		14.8	31.9	24.4	35.0
Sales - Volume
Sales volume, 1 family building	0	2	1	3	0	4
Sales volume, 2-4 family building	0	0	0	2	0	0
Sales volume, 5+ family building	3	9	11	5	4	6
Sales volume, condominium	401	1,151	841	627	1,128	840
Sales volume, all property types	404	1,162	853	637	1,132	850
Sales - Median Prices
Median sales price per unit, 1 family building (2022$)		$9,239,590	$1,995,810	$5,519,040		$8,372,500
Median sales price per unit, 2-4 family building (2022$)				$2,146,290
Median sales price per unit, 5+ family building (2022$)	$959,390	$289,690	$654,540	$1,024,340	$190,100	$167,630
Median sales price per unit, condominium (2022$)	$1,028,140	$1,044,560	$1,319,810	$2,313,540	$1,996,050	$1,682,130
Sales - Housing Price Index
Index of housing price appreciation, 1 family building info	100.0
Index of housing price appreciation, 2-4 family building info	100.0
Index of housing price appreciation, 5+ family building	100.0	248.9	227.8	194.2	290.8	359.1
Index of housing price appreciation, condominium	100.0	208.8	202.4	274.0	263.9	271.6
Index of housing price appreciation, all property types	100.0	208.8	202.4	273.9	263.8	271.8
Subsidized Housing
Total number of subsidized properties (properties)						32
HUD Financing or Insurance (properties)						1
HUD Financing or Insurance (units)						1,712
HUD Project-based Rental Assistance Program (properties)						2
HUD Project-based Rental Assistance Program (units)						339
Low Income Housing Tax Credit (properties)						19
Low Income Housing Tax Credit (units)						4,066
Public Housing (properties)						0
Public Housing (units)						0
Mitchell-Lama (properties)						1
Mitchell-Lama (units)						1,641
421-a Tax Exemption (properties)						17
421-a Tax Exemption (units)						4,693
420-c Tax Exemption (properties)						1
420-c Tax Exemption (units)						29
NYC Housing Production Programs and Zoning Incentives or Requirements (properties)						6
Eligible to expire from housing programs between 2023 and 2028 (properties)						5
Eligible to expire from housing programs between 2023 and 2028 (units)						2,831
Eligible to expire from housing programs between 2029 and 2038 (properties)						6
Eligible to expire from housing programs between 2029 and 2038 (units)						2,814
Eligible to expire from housing programs in 2039 and later (properties)						2
Eligible to expire from housing programs in 2039 and later (units)						490

Land Use and Development

Indicator	2000	2006	2010	2019	2021	2022
Density
Population density (1,000 persons per square mile) info		50.9	50.2	56.9	50.8
Development
Units authorized by new residential building permits	491	0	33	209	0	762
Units issued new certificates of occupancy	580	859	438	167	329	4

Neighborhood Services and Conditions

Indicator	2000	2006	2010	2019	2021	2022
Commute
Car-free commute (% of commuters) info	85.9%	84.5%	88.3%	88.5%	88.6%
Mean travel time to work (minutes)	24.4	26.1	24.3	26.3	25.6
Crime and Incarceration
Serious crime rate (per 1,000 residents)		43.6	17.8	18.1	12.7	16.4
Serious crime rate, property (per 1,000 residents)		38.4	15.1	15.2	9.5	12.8
Serious crime rate, violent (per 1,000 residents)		5.2	2.7	2.9	3.2	3.7
Schools
Students performing at grade level in English language arts, 4th grade				85.7%		82.5%
Students performing at grade level in math, 4th grade				84.7%		79.7%

Renters

Indicator	2000	2006	2010	2019	2021	2022
Median Rent
Median rent, 2- and 3-bedrooms (2022$) info			$2,830	$3,100	$3,790
Median rent, all (2022$) info	$1,980	$2,470	$2,810	$3,110	$3,320
Median rent, recent movers (2022$) info			$3,190	$3,220	$3,620
Median rent, studios and 1-bedrooms (2022$) info			$2,590	$2,900	$3,100
Change in collected rent (2019-2020)					-10.6%
Affordability
Rental units affordable at 30% AMI (% of recently available units)			1.5%	4.7%	3.9%
Rental units affordable at 80% AMI (% of recently available units)			10.8%	20.4%	13.2%
Rental units affordable at 120% AMI (% of recently available units)			22.3%	39.7%	31.3%
Rent Burden
Moderately rent-burdened households info		20.6%	20.3%	20.8%	21.5%
Moderately rent-burdened households, low income info			21.7%	24.1%	24.5%
Moderately rent-burdened households, moderate income info			36.5%	49.1%	44.5%
Severely rent-burdened households info	19.3%		22.0%	16.6%	16.5%
Severely rent-burdened households, low income info			60.2%	56.9%	57.5%
Severely rent-burdened households, moderate income info			28.0%	14.5%	18.3%
Rental Subsidy
Housing choice vouchers (% of occupied, privately owned rental units) info			1.0%	0.6%
Public housing (% of rental units) info						0.0%

DEMOGRAPHICS

In 2021, there were an estimated 146,667 people in Financial District, of which 16.6% identified as Asian, 4.6% identified as Black, 8.4% identified as Hispanic, and 66.4% identified as white.

Graph showing the racial and ethnic composition of Financial District in both 2000 and 2017-2021.

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In 2021, the household income group with the largest share (35.8%) of households was $100,001 - $250,000. In 2000, the same household income group had the largest share as well, with a slightly lower share of 34.6%.

Graph showing the distribution of household income in Financial District in both 2000 and 2017-2021.

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Median household income in 2021 was $151,240, about 110% more than citywide median household income ($72,150). The poverty rate in Financial District was 7.8% in 2021 compared to 18.0% citywide.

The poverty rate in Financial District was 7.8% in 2021 compared to 18.0% citywide.

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The rent distribution shows the share of apartments by their size (according to the number of bedrooms), and then for each apartment size in the community district, the share of apartments according to their monthly gross rent. This distribution compares 5-year ACS figures from 2010 to 5-year ACS figures from 2021.

Graph showing the distribution of rents in Financial District in both 2010 and 2017-2021.

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HOUSING

Renters

Real median gross rent in Financial District increased from $2,470 in 2006 to $3,320 in 2021. This represents a 34.4% increase over the same period. As of 2021, the change in median gross rent outpaced the change in median household income by 7.7 percentage points. In 2021, 16.5% of renter households in Financial District were severely rent burdened (spent more than 50% of household income on rent). 13.2% of the rental units were affordable at 80% Area Median Income, 2 percentage points higher than the share in 2010. None of the rental units were public housing rental units, as of 2022. The overall rental vacancy rate in Financial District was 5.6% in 2021.

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Graph showing the change in real median gross rent and median renter household income in Financial District from 2006 to 2021.

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None of the rental units in Financial District are public housing rental units in 2022.

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Homeowners

In 2021, the homeownership rate in Financial District was 34.6%, which is higher than the citywide share of 33.3%. The homeownership rate in the neighborhood has increased by 9.3 percentage points since 2010. In 2021, the home purchase loan rate was 39.7 per 1,000 properties (owner-occupied 1-4 family buildings, condominiums, or cooperative apartments) and the refinance loan rate was 35.0 per 1,000 properties in the neighborhood. Out of all the first-time home purchase loans and refinance loans in Financial District, 0.6% and 0.3% were high cost loans, respectively. 21 properties had a filing of mortgage foreclosure in Financial District in 2022. There were 1.4 mortgage foreclosure actions initiated per 1,000 1-4 family properties and condominium units.

There were 1.4 mortgage foreclosure notices per 1,000 1-4 family properties and condominium units in Financial District in 2022

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Development

The Department of Buildings issued new certificates of occupancy to 4 residential units in new buildings in Financial District in 2022, 325 fewer than the number of units certified in 2021.

Department of Buildings issued new certificates of occupancy to 4 residential units in new buildings in Financial District last year, the same as the number of units certified in 2022.

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Over the last decade, 3,559 units in 4+ unit buildings were built in Financial District. 90% were market rate, compared to 10% that were income-targeted. We use data from a variety of sources to count the number of income-restricted units targeted to households earning between 80% and 165% of AMI. However, due to restricted availability of granular data our calculations of income-restricted units should be read as conservative estimates. Read more about our methodology in the technical appendix of the 2021 Focus Report.

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NEIGHBORHOOD SERVICES AND CONDITIONS

The serious crime rate was 16.4 serious crimes per 1,000 residents in 2022, compared to 14.2 serious crimes per 1,000 residents citywide.

The serious crime rate was 16.4 serious crimes per 1,000 residents in 2022, compared to 14.2 serious crimes per 1,000 residents citywide.

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Data Notes: Community districts MN01 and MN02 both fall within sub-borough area 101. Data reported at the sub-borough level are identical. See CoreData User Guide for more information about indicator definitions and methods.

Indicators: The rental vacancy rate, severe crowding rate, and the severely rent-burdened households indicators use five-year American Community Survey (ACS) estimates. Data under the 2010 heading comes from the 2006 – 2010 ACS, data under the 2019 heading comes from the 2015 – 2019 ACS and data under the 2021 heading comes from 2017 – 2021 ACS .